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Elliott wave Analysis: AU200 Stock and AUDUSD Update

The AU200 is trading nicely bullish, ideally unfolding an extended five-wave move within higher degree wave v) with possible resistance and reversal zone being seen around the 6300/6400 region, where various Fibonacci ratios and the upper Elliott wave channel line can react as turning points, and push prices lower.

Also keep in mind that most of the stocks are approaching resistances, so be aware of a minimum reversal in three legs in upcoming sessions.

AU200, 4H

AUDUSD looks to have completed a triangle correction within wave b, as part of a three-wave bearish move, at the 0.711 level. The decline that followed can now be part of a wave c of Y, which can later look for support and a bullish reversal around the 0.697/0.690 region.

A recovery in impulsive fashion (five legs) and a break above the 0.7107 level would confirm more gains.